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Dennis Santiago

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FDIC Bank Closures: The Devil Remains Down in Georgia

Posted: 03/ 2/2012 8:24 pm

The FDIC closed another bank in Georgia this week bringing the total to three so far in 2012. Global Commerce Bank in Doraville, Ga. became the latest casualty of the bank clean up's march through the South. The $143.6 million asset bank had been under capitalized for over a year. Early indicators of stress were visible as far back as December 2009, the last quarter the bank turned in a quarterly net income printed using black ink. The bank's troubled lending base had grown to around 30 percent of it's lending by the time of it's demise. A more detailed forensic report by IRA on the bank can be seen here:

http://us1.irabankratings.com/pub/failedbank.asp?cert=34046

This is an informational story filed on Fridays whenever the FDIC shutters institutions. Forensic reports are made public after confirming FDIC press released by IRA as part of an ongoing effort to help make banking more transparent to consumers and researchers. The official press releases from the FDIC on these events are made public here:

http://www.fdic.gov/bank/individual/failed/banklist.html.

A complete set of forensic reports on banks that have failed since January 2008 can be found here:

http://us1.irabankratings.com/pub/Forensic.asp

 

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